Top Mobile Payment Risks and How You Can Stay Safe

Image credit: mobilepaymentstoday.com

Technology has made payment methods very convenient. The most popular payment method right now is mobile payment. Mobile wallets such as Chase Pay, Samsung Pay, and Apple Pay are cutting down on the concept of carrying around a wallet in favor of a smartphone. However, with all the goodness that this payment method brings comes the question, are mobile payments methods secure?

According to experts, there is a high percentage of mobile payment fraud, and this percentage is bound to increase in the coming years. Not to fret though as there are ways to deal with this issue. In fact, some people argue that mobile payment methods are more secure than cash or physical credit card as long as you put some security measures in place. Let’s look at the risks associated with this payment method and how to stay safe.

Cybercriminals can “spoof” your mobile wallet

While the probability of cybercriminals stealing your account number is minimal because it is securely stored via encryption, the risks are made higher when you add a card to your wallet while on an unsecured public Wi-Fi. Hackers who hide on such networks can “spoof” or recreate the system for mobile wallet registration for which you’ll be required to input your card details.

To solve this problem, load card details into your mobile wallet using a secure, password-protected Wi-Fi network, preferably on at home. And, if you really have to use public Wi-Fi, then do so through a VPN (Virtual Private Network).

Losing your phone

Today, your smartphone is like your credit card; it is where you store important details like names, contact information, social media accounts, and personal photographs, etc. Also, your phone offers full access to credit cards, debit cards, and bank accounts, through various online banking apps, payment apps, mobile wallets, and much more. So, what happens when you lose your phone? Well, your personal details are most-likely to get leaked, after all the chances of your phone falling into the hands of a Good Samaritan who might return it are very slim.

So, what’s the solution? Look for a smartphone that contains built-in protection to prevent unauthorized persons from accessing your phone. Also, activate two-factor authentication on your phone, which is ideally a PIN incorporated with a biometric method like facial recognition, an iris scan, or your fingerprint.

Malware attack

Today, malware attack is not just limited to computers as mobile malware also continues to grow. One such malware is called Fakedtoken, which is capable of attacking banking and other applications that propel Android phone users to input payment card details.

To deal with this issue, ensure you don’t click on suspicious links on your phone. Also, install an antivirus and keep all your apps updated as outdated apps are not well-protected against attacks.

Using multiple software

Just like desktops and laptops, mobile phones also work on various software and hardware programs. There are people who are still using old models of Android and iOS, and this can cause various security issues since these devices lack the newest mobile security technologies. This attracts fraudsters and hackers for exploiting and attacking.

Your mobile phone needs to be secure, with advanced components to protect you from any form of fraud. A secure mobile device should include face scanners, voice recognition, geofencing, fingerprint scanner, and verification codes to your emails or mobiles. Therefore, look for a smartphone that has advanced features in regard to the hardware and software to allow full protection of your accounts and payments.

There is no doubt that mobile payments, just like all other payment methods have some risks. This payment method is however still much safer than the plastic cards you have to carry around. You just need to be a little careful when using it. Do your research, use strong passwords, use your own secure network, educate your family on safe mobile payment processes, avoid making payments using public Wi-Fi networks, and secure your financial information with a VPN.